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First Review assignment-need help

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Jeff Horton

Thread Starter
Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
I just finished my first reveiw. I am trying to get my package all put together so I can email it tommorow (Tuesday). I just finished writing my scope and all that good stuff in the cover letter. (hope it makes sense after some sleep :D )

Now what Limiting Conditions or USPAP stuff do I need to include? I have never even seen a copy of a full review so I have no idea what is considered "normal". I scanned USPAP section 3(??) but I didn't really see anything that answere that.

It's late and the brain is shutting down. Its off to bed. Thanks in advance for the input!
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
Jeff --

What're you creatin' dere -- a masterpiece or a piece de resistance or other one-of-a-kind magnum opus!

Hopefully you'll reconsider using a Cover Letter. It's the best place in the world to disclose any inexperience. Haven't used one in 10 years.

For the rest of your work, didn't you use some kind of standard form, or will the client receive this brand new surprise you've created?

You can almost never go wrong by using a standard form that the client recognizes.
 
B

Bemis Pownall

Guest
there is a limiting conditions for reviews, the date doesnt transfer over however.
Coover letter for a review??
 

wyecoyote

Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
Jeff,

What type of review is it? Is this review a field review or desk review? What is the property type SFR, 2-4 family, multi family, commerical, or industrial. Also read carefully the Standards 3 make sure you point out everything in there that you did. I agree with Larry use a standard form for SFR's I use the 2000 field review form on field reviews. The limiting conditions cover most of things. You may want to add some things though.

The one thing that I would advise in completing the review keep you comments specific to USPAP. Stay away from comments about an appraisers style of reporting or discussing the appraisers ethics. Like one of the State investigators told me just report the facts of Standards 1 or 2 violations. On a side note I don't know about your state but here we as appraisers can not state that there are USPAP violations we can state that there "may be" or "possible" violations.

Ryan
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Jeff:
Read 2002 USPAP pages 32 to 36 regarding reviews. Also check out the proposed Field Review form 2000 that Fannie Mae has on their web site. That version isn't in effect yet, but it was developed and written with the 2003 USPAP in mind. Make sure the limiting conditions attached to your review has a certification similar to the one on page 35-36, which is slightly different than what is normally used. Also you will need to attach a USPAP Compliance addendum to the current form 2000 (if that is what you are using) since it was developed years before the current USPAP. I can email a sample to you if you wish. [email protected]
 

Bill_FL

Senior Member
Joined
Aug 23, 2002
Professional Status
Certified General Appraiser
State
Florida
Jeff,

Must be really late. SR3 has a clear set of items and certifications that must be included in a review. Also, if you formed a new opinion of value under SR1 and reported them under SR2, then of course you will need to include those certifications/conditions also.

Most appraisal software packages have these included.
 

Jeff Horton

Thread Starter
Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
OK, after reading the Limiting conditions I understand. Was basicaly doing the same thing in my cover letter.
 
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